Pharmion acquires Cabrellis for initial $59 mln payment

RuthMantell

SAN FRANCISCO (MarketWatch) -- Pharmion Corp.
phrm
after Wednesday's closing bell said it has acquired Cabrellis Pharmaceuticals, a clinical-stage private oncology company, for an initial payment of $59 million cash. Cabrellis is developing amrubicin, a third-generation synthetic anthracycline in advanced Phase 2 development for small cell lung cancer in North America and the European Union. Pharmion noted that it will make two additional payments of $12.5 million each upon approval of amrubicin by regulatory authorities in the United States and the European Union. Pharmion would make additional payments of $10 million for each market upon amrubicin's approval for a second indication. The deal will result in a $55 million charge in the fourth quarter.

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